8x8 Inc. (EGHT) Wednesday reported a sharp increase in profit for the fourth quarter, driven mainly by a huge income tax benefit.
The Sunnyvale, California-based company's fourth-quarter net profit was $63.86 million or $0.87 per share, compared to $2.01 million or $0.03 per share last year, driven mainly by a income tax benefit of $62.07 million.
Adjusted net income for the quarter rose to $3.0 million or $0.04 per share from $2.27 million or $0.03 per share in the prior-year quarter. On average, four analysts polled by Thomson Reuters expected the company to earn $0.03 per share for the quarter. Analysts' estimates typically exclude special items.
Total revenues for the quarter grew 33 percent to $24.20 million from $18.18 million in the prior-year quarter. Three analysts had a consensus revenue estimate of $23.51 million for the quarter.
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